Razorpay International Payments: Charges, Reviews, and More
Getting paid by international clients can be tricky for Indian businesses. Between high fees, currency conversions, and compliance paperwork, receiving overseas payments often feels more complex than it should be.
Razorpay's international payments solution lets businesses receive money from over 100 countries. The single platform handles currency conversion and provides automated documentation, while clients can pay using their local payment methods and currency and receive funds in INR.
Let's see how Razorpay processes international payments, its key features and pricing, and what you should consider before using it for your cross-border transactions.
Does Razorpay Accept International Payments?
Yes, Razorpay accepts payments from over 100 countries through standard options like credit and debit cards, bank transfers, SWIFT, and PayPal. Additionally, businesses can open virtual accounts in key geographies using Razorpay's MoneySaver Export Account, allowing them to receive international payments from clients via local bank transfers.
Razorpay International Payments: A Quick Rundown
Here's how you can receive money via Razorpay International Payments:
Standard International Payments
Razorpay lets Indian businesses accept international payments through credit/debit cards, payment pages, and PayPal accounts. This is the most straightforward way to get started, as most clients are already comfortable with these payment modes. This option is best suited for businesses that receive occasional international payments.
However, there's a catch - you won't get automatic digital FIRA and might face some markup on currency conversion. This means extra paperwork and potentially higher costs when converting to INR.
MoneySaver Export Account
Razorpay offers a specialized solution called MoneySaver Export Account for businesses that regularly receive international payments. This gives you virtual international bank accounts (and banking partners) to accept direct international bank transfers in over 100 currencies, making it easier for clients to pay you like a local business.
The Export Account addresses the limitations of standard payments by providing automated digital FIRA for every transaction as well as by offering live forex rates while converting payments.
Razorpay International Payments Charges: What You Should Know
When receiving international payments through Razorpay, your costs vary depending on the payment method. Here's a breakdown:
International card payments and transaction charges
Razorpay charges 3% plus an additional forex markup when you receive payouts via international credit or debit cards.
PayPal charges
PayPal transactions incur their standard fees: a 4% transaction fee plus a fixed fee based on currency, along with PayPal's usual 4.40% currency conversion fee when converting to INR. Razorpay doesn't add any additional charges to PayPal's fees.
MoneySaver export account charges
The export account offers a simpler fee structure - just 1% of the transaction amount and uses live forex rates without markup.
Let's see how this works in real numbers:
Example: Receiving $10,000 from your Amazon global selling
- Via card payment: $10,000 × 3% = $300 (platform fee) + forex markup
- Via MoneySaver Export Account: $10,000 × 1% = $100 (total fee with live forex rate)
As you can see, using the export account could save you roughly $200 plus any forex markup costs on this transaction.
Razorpay International Payments Review: The Good, Bad and Ugly
From analyzing real user experiences, here's what businesses say about using Razorpay for international payments:
The good
- Integration is straightforward, and the platform is easy to use, especially with multiple payment options available.
- The dashboard makes it simple to track transactions and download reports for accounting
The not-so-good
- Customer support can be slow to respond, mainly when dealing with payment issues
- New users face restrictions on certain features, requiring multiple interactions with support
Skydo: An Affordable and Seamless Razorpay Alternative to Receive International Payments
For businesses looking for alternatives to Razorpay's international payment solutions, Skydo offers a different approach with some notable features:
Transparent pricing structure
- Flat fees based on payment amount ($19 for up to $2,000, $29 for $2,001-$10,000, 0.3% for above $10,000)
- No forex markup on currency conversion, using live exchange rates
- Custom pricing is available for payments above $100,000/month
Key features
- Virtual bank accounts in key geographies, including the US, UK, Europe Canada, Singapore, Australia and more
- Automated digital FIRA generation, delivered instantly and free of cost
- Real-time payment tracking with 24-hour settlement
- It includes GST-compliant tools to share invoices
When comparing the costs of receiving a $10,000 international payment through Razorpay and Skydo, notable differences emerge:
Razorpay:
- Transaction Fee: 1% per transaction f
- Total Fee: 1% of $10,000 equals $100.
Skydo:
- Transaction Fee: Flat $29 for payments between $2,001 and $10,000.
Savings with Skydo:
- Fee Difference: $100 (Razorpay) - $29 (Skydo) = $71.
By choosing Skydo, you save $71 in fees for a $10,000 transaction compared to Razorpay.
Along with lower fees, you get:
- Fast Onboarding: Complete setup in under 5 minutes.
- Free Digital FIRA: Automated Foreign Inward Remittance Certificate for every transaction.
- Payment Tracking: Real-time monitoring of transactions.
- Dedicated Support: India-based customer service team to resolve all your queries
Want to explore Skydo in detail?
Does Razorpay accept international payments?
Yes, Razorpay accepts international payments through credit cards, PayPal, and their MoneySaver Export Account. While a corporate credit card and PayPal have higher fees and forex markup, the export account offers virtual international bank accounts with live forex rates and automated FIRC generation.
Is Razorpay used worldwide?
What is the best payment platform for international payments?
